Luther Medical Looks into Merger With Distributor
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Luther Medical Products Inc. of Santa Ana said it is exploring a possible merger with Transamerica Enterprises Inc. of Vancouver, British Columbia, a distributor of medical diagnostic products.
Luther also said it is discussing a possible joint research venture with Transamerica to develop a one-piece synthetic heart valve.
Luther said earlier negotiations to be acquired by BOC Group PLC, a British medical equipment concern, are on hold pending BOC’s evaluation of a new plastic material used in catheters. Luther holds the license for the material.
Luther’s primary product is a specialized needle that allows the insertion of a soft catheter into veins or arteries.
For its fiscal year ended June 30, Luther reported a net loss of $314,685 on revenue of $445,642, compared with a net loss of $671,000 on revenue of $399,656 the prior year.
However, for the current fiscal year, the 6-year-old company has said it expects to post its first-ever profit. The company also said it expects to double sales to about $1 million.
In over-the-counter trading Friday, Luther closed at 81.25 cents per share, down 12.5 cents for the week.
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